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The USA Foundation gave $2,146,937 to the University of South Alabama as its semi-annual contribution, approved by the Board of Directors at its December 5 meeting. Included in that total was an additional $100,000 grant to the Faculty Development Fund, for a total of $320,000 in Fiscal Year 2012, providing support for faculty travel. |
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Foundation Board approved the establishment of the Joe Bullard, Sr. Fisheries Research Fund (click on Resolution) to support research in fisheries through the USA Department of Marine Sciences. The fund honors the late Mr. Bullard and his support of recreational fishing and fisheries research and was funded by a $92,000 contribution from the Coastal Conservation Association and a $100,000 matching grant from the Foundation. The USA Foundation Board of Directors authorized matching funds for additional contributions of up to $100,000. Mr. Joe Bullard, Sr., was a great supporter of the Mobile community, an outstanding business leader, a philanthropist, and someone who was passionate about fishing. During the Board meeting, Mr. Joe Bullard, Jr., expressed the gratitude of his family for the generous proposal of the Coastal Conservation Association and the USA Foundation for the funds and matching funds that would serve as s great memorial to his father and to his ardent support of fisheries research. Dr. Robert Shipp, Chair of the Department of Marine Sciences, stated that the Department of Marine Sciences and the Marine Environmental Sciences Consortium are the leaders in research in fisheries along the Gulf Coast and this fund will be well used in that research. Mr. Palmer Whiting, current President of the CCA, stated that it was an honor for the friends and fishing “buddies” of Mr. Bullard, Sr., to be able to provide support to the establishment of this Fund. (Please see Resolution link.) |
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The Foundation Board approved the first installment of $100,000 of a $500,000 gift by the Foundation to the Excellence Endowments of the College of Engineering and the School of Computer and Information Sciences. Dr. Alec Yasinsac, Dean of the School of Computer and Information Sciences, and Dr. John Steadman, Dean of the College of Engineering, presented an overview of their respective programs and the importance of Shelby Hall to those programs. The USA Foundation Board recognized that, as these two academic units embark on joint occupancy of Shelby Hall, there will be great advantages of synergies and access to state-of-the-art resources for both the College of Engineering and the School of Computer and Information Sciences. The Foundation Board further recognized that the Excellence Endowments will enable the Deans to fund activities in their respective academic units where the needs are the greatest. The University will name the Main Lobby of Shelby Hall for the USA Foundation in recognition of this gift. The 155,000-square-foot state-of-the-art facility was made possible through the assistance of U. S. Senator Richard Shelby. |
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The award of sixteen scholarships this year totaling $31,150 from the Charlotte H. and Samuel Eichold Scholarship Fund recognized outstanding students in the College of Medicine. Recently, the Foundation hosted an event honoring these students. The scholarship was funded by the Eicholds and matched by the USA Foundation. Following many years of private practice, “Dr. Sam” served on the faculty of the College of Medicine. He and his wife, Charlotte, were dedicated to supporting education, historic preservation and philanthropy in Mobile. |
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Mr. Robert M. Hope, Jr., has joined the Foundation as the new Investments Manager. Mr. Hope presented a review of the equity portfolios of the Foundation that, at
September 30, 2011, were $95,582,000. Mr. Hope stated that since that date, the marketable securities had regained some of the losses experienced in the first quarter. |
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The net assets of the USA Foundation at September 30, 2011, were $265,823,000, a decrease of 6.23% compared to net assets at June 30, 2011 of $283,496,000, attributed primarily to unrealized losses in the Foundation’s equity investments. On November 10, 2011, the Foundation paid $4,000,000 as the second installment for the purchase of the Brookley property. That acquisition of Brookley provides support to the Pediatric Expansion of USA Children’s and Women’s Hospital. |
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Management and general expenses were only 0.46% annualized of net assets. This figure is well below the national norms of 1-1.5%. |
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Mobile,
AL 36652-3148 
